Lyrical Asset Management LP Raises Stock Position in WEX Inc. $WEX

Key Points

• Lyrical Asset Management LP raised its stake in WEX Inc. by 0.3% during the first quarter, accumulating a total of 826,188 shares valued at approximately $129.7 million.
• Several other hedge funds also enhanced their positions, with institutional investors currently holding 97.47% of WEX's stock.
• Analysts have indicated a cautious outlook, with WEX holding an average rating of "Hold" and a consensus price target of $181.50.

Lyrical Asset Management LP boosted its holdings in WEX Inc. (NYSE:WEX - Free Report) by 0.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 826,188 shares of the business services provider's stock after buying an additional 2,754 shares during the quarter. WEX accounts for about 2.0% of Lyrical Asset Management LP's investment portfolio, making the stock its 24th largest position. Lyrical Asset Management LP owned approximately 2.41% of WEX worth $129,728,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in WEX. Investment Management Corp VA ADV purchased a new position in shares of WEX during the 4th quarter valued at $25,000. State of Wyoming acquired a new position in shares of WEX during the fourth quarter valued at about $35,000. Farther Finance Advisors LLC raised its position in shares of WEX by 161.5% during the first quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider's stock valued at $44,000 after buying an additional 168 shares during the last quarter. GAMMA Investing LLC raised its position in WEX by 78.1% in the first quarter. GAMMA Investing LLC now owns 440 shares of the business services provider's stock worth $69,000 after purchasing an additional 193 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in WEX in the first quarter worth about $201,000. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Ann Elena Drew sold 1,931 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $171.69, for a total transaction of $331,533.39. Following the completion of the sale, the insider directly owned 7,295 shares in the company, valued at $1,252,478.55. This represents a 20.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Jennifer Kimball sold 1,400 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $131.08, for a total transaction of $183,512.00. Following the sale, the chief accounting officer owned 3,177 shares of the company's stock, valued at approximately $416,441.16. This trade represents a 30.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,206 shares of company stock worth $665,265. Insiders own 1.40% of the company's stock.

WEX Stock Performance

Shares of WEX stock traded down $1.4020 during trading on Tuesday, hitting $171.2780. 73,475 shares of the stock were exchanged, compared to its average volume of 698,480. WEX Inc. has a 1-year low of $110.45 and a 1-year high of $217.47. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 1.63 and a beta of 1.28. The company has a fifty day moving average price of $156.69 and a 200-day moving average price of $147.59. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99.

Analysts Set New Price Targets

WEX has been the subject of several recent analyst reports. Barclays raised their price objective on shares of WEX from $135.00 to $170.00 and gave the stock an "equal weight" rating in a report on Monday, July 28th. Wells Fargo & Company decreased their price target on shares of WEX from $160.00 to $140.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of WEX in a research note on Thursday, July 17th. They issued a "hold" rating and a $150.00 price objective on the stock. UBS Group lifted their price target on shares of WEX from $138.00 to $185.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Finally, Jefferies Financial Group lifted their price target on shares of WEX from $130.00 to $135.00 and gave the stock a "hold" rating in a research report on Tuesday, May 27th. Three analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $181.50.

WEX Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.